I’ve been harping for a while now about the Phoenix real estate market really being many sub-markets, that some sub-markets are doing far better than others. Unfortunately, I didn’t any data to quantify the differences.
Now, you gotta check out the Arizona Republic interactive charts on Phoenix real estate price increases by zip code.
You can’t miss the huge differences between zip codes but don’t forget huge differences will also exist within each zip code.
Be very careful how you interpret this chart.
Let’s say a zip code had a large price decrease last year. Does that make it more or less likely that zip code will have a large price decrease next year?
It could go either way.
It could be the downward trend will continue next year or it could be that prices have already “corrected” in that zip code and it will outperform the average zip code next year.
Similarly, a zip code that did great last year may under-perform the average zip code next year. So, be careful.
Don’t miss clicking on “details” in the right hand side of the charts on azcentral.com. That is, to see the “details” you have to click the link above to go to azcentral.com.
*The 2007 data include sales through August.